EUR/USD Daily Forecast – 08 March

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Monday, Mar 07 2016

From Eurozone, yesterday, German Factory Orders figures were released. Based on provisional data, the Federal Statistical Office (Destatis) reports that price-adjusted new orders in manufacturing had decreased in January 2016 a seasonally and working-day adjusted 0.1% on December 2015. Analysts were expecting 0.4% increase. For December 2015, revision of the preliminary outcome resulted in a decrease of 0.2% compared with November 2015, particularly due to the subsequent report of a major order (primary —0.7%).

Traders are being cautious ahead of ECB Meeting on Thursday. The European Central Bank (ECB) is seen expanding its monetary stimulus this Thursday, giving the existing asset purchasing program a further boost after it prolonged the program till March 2017 back in December last year. The decision of the ECB to expand the current asset purchasing program would be in line with its extra dovish rhetoric of late, as the Bank struggles to meet its inflation target of close to, but not exceeding 2%.

There will be no data releases both from Eurozone and USA on Tuesday so we can expect a bit steadier session, but we would pay attention to developments in China.

More in this category: « GBP/USD Daily Forecast – 08 March AUD/USD Daily Forecast – 09 March »

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